Latest news with #RDIF
Russia Today
5 days ago
- Business
- Russia Today
Putin aide gives verdict on new EU sanctions
EU sanctions on Russia are far more damaging to the bloc's member states than they are to Moscow, presidential investment envoy Kirill Dmitriev said on Telegram on Friday. Brussels announced the adoption of its 18th package of sanctions against Russia earlier in the day, targeting the country's hydrocarbon exports and banking sector. One of the financial institutions sanctioned was the Russian Direct Investment Fund (RDIF), of which Dmitriev is the CEO. According to the presidential envoy, European Commission President Ursula von der Leyen pushed for sanctions on the fund because the RDIF 'facilitates the settlement of the Ukrainian conflict, promotes dialogue between Russia and the United States, and invests in the growth of the Russian economy.' The EU elite is afraid of peace and continues to remain captive to hostile narratives, destroying the economy of the entire EU with its own hands. The economic restrictions are destructive to bloc member states, depriving them of stable energy supplies and access to the Russian market, Dmitriev argued. 'Last year, despite all the sanctions pressure, Russia's GDP grew by 4.3%, versus a 0.7% growth rate in the Eurozone,' he said. The RDIF calls for 'unwinding the sanctions spiral,' Dmitriev said. He argued that, despite the imposition of more than 30,000 sanctions against Russia, the measures have failed to force Moscow into acting 'in opposition to Russian national interests.' Kremlin spokesman Dmitry Peskov said on Friday that Moscow has developed 'a certain immunity' to the Western sanctions. According to Russian President Vladimir Putin, such unilateral economic restrictions harm the economies of the very states that turn to them. 'The more sanctions are imposed, the greater the damage to the imposers,' at the Eurasian Economic Union summit in Minsk last month.
See - Sada Elbalad
5 days ago
- Business
- See - Sada Elbalad
Moscow Warns EU-Russia Trade Could Fall to 'Zero'
Taarek Refaat Russian Deputy Foreign Minister Alexander Grushko has warned that trade between Russia and the European Union could decline to virtually "zero", continuing a steep downward spiral driven by sanctions and political tensions. Speaking at a meeting with students and professors at Altai State University, Grushko highlighted the collapse in trade volumes, noting that commerce once valued at $417 billion in 2013 had shrunk to $60 billion in 2024, and is now projected to fall to around $40 billion in 2025. 'It is very likely that trade could drop to zero,' he said, according to Russia's Sputnik news agency. Grushko accused the EU of employing economic coercion as part of a broader hybrid war against Russia, citing the imposition of nearly 19,000 sanctions. He predicted a complete European phase-out of Russian oil, gas, and nuclear fuel, even for nuclear power plants originally built by the Soviet Union or Russia that remain operational in Europe. On the same day, the European Union Council announced its 18th package of sanctions against Russia, targeting 14 individuals and 41 legal entities involved in Russia's energy, banking, and defense sectors. For the first time, a ship captain and a private international shipping company were also sanctioned. In response, Kirill Dmitriev, CEO of the Russian Direct Investment Fund (RDIF), criticized the EU's approach, arguing that Europe was hurting its own economy more than Russia's. Writing on Telegram, Dmitriev claimed, 'European elites fear peace and remain trapped in hostile rhetoric that is destroying the EU economy with their own hands.' Dmitriev further asserted that sanctions had become self-defeating, stating that Brussels was depriving its own citizens of stable energy supplies and closing off access to the Russian market for European companies. He reiterated the RDIF's stance in favor of dialogue over escalation, emphasizing that nearly 30,000 sanctions have already been imposed on Russia, yet have failed to force a change in its national policy. Meanwhile, Russian President Vladimir Putin floated the idea of energy cooperation with the United States that could, hypothetically, lead to the construction of a new gas pipeline to Europe. Speaking at a press conference alongside Belarusian President Alexander Lukashenko in March, Putin said, 'If the U.S. and Russia can agree on energy cooperation, a pipeline to Europe is possible. This would allow access to affordable Russian gas, which could benefit the continent.' However, such proposals remain hypothetical amid a climate of deep mistrust and diplomatic isolation between Moscow and Western powers. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" Sports Get to Know 2025 WWE Evolution Results News Flights suspended at Port Sudan Airport after Drone Attacks Arts & Culture Hawass Foundation Launches 1st Course to Teach Ancient Egyptian Language
The Star
18-06-2025
- Business
- The Star
Russian investment fund to cooperate with Chinese digital trade platform
MOSCOW, June 18 (Xinhua) -- The Russian Direct Investment Fund (RDIF) and Qifa, a Chinese-founded B2B digital trade platform operating across the Russia-China corridor, inked a strategic partnership on Wednesday at the St. Petersburg International Economic Forum (SPIEF) to advance cross-border digital trade and expand bilateral commerce. The collaboration agreement, signed on the sidelines of the forum, underscores joint efforts to modernize trade processes through technological integration. "RDIF and Qifa, a Russia-China B2B digital trade platform, have agreed to partner in developing digital trade and scaling bilateral trade volumes," the fund stated in a press release. According to RDIF, the initiative will harness AI-driven solutions to streamline trade workflows, enhancing transparency and operational efficiency for businesses. This, in turn, is expected to drive product assortment expansion and cost optimization -- key levers for accelerating trade growth in line with bilateral strategic objectives. "China leads in trade volume with Russia, with a robust e-commerce ecosystem already in place. RDIF's focus on facilitating market access for Sino-Russian enterprises makes this partnership with Qifa an important step in elevating cross-border digital trade," said Kirill Dmitriev, CEO of RDIF, in a statement. The 28th St. Petersburg International Economic Forum runs from June 18 to 21 this year, gathering delegates from over 100 countries and regions.
Russia Today
10-06-2025
- Business
- Russia Today
EU wants to prolong Ukraine conflict
The European Commission's latest sanctions package, which targets the Russian Direct Investment Fund (RDIF), among other entities, is driven by the bloc's desire to prolong the Ukraine conflict, according to Kirill Dmitriev, the RDIF's CEO and a presidential investment envoy. The 18th sanctions package, unveiled by EC President Ursula von der Leyen on Tuesday, targets Russia's energy exports, infrastructure, and financial sector. It includes measures against the RDIF, its subsidiaries, and investment projects in an effort to stop it from funding initiatives to 'modernize the Russian economy.' By going after RDIF, Russia's sovereign wealth fund, the EC acknowledges it is 'an important channel' for strengthening Russia's industrial base, Dmitriev said in a statement. Von der Leyen's remarks were 'driven by the EU's desire to prolong the Ukraine conflict and its deep dissatisfaction with RDIF's efforts to restore Russia-US relations,' as well as the fund's role in Moscow's peace initiatives, he added. Dmitriev has played a prominent role in efforts to improve relations between Moscow and Washington, which reached its lowest point in decades under the administration of Joe Biden. The official took part in high-level meetings in Saudi Arabia and visited Washington in April for talks on potential joint investment projects in rare earths and energy. The EU's proposal also signals opposition to cooperation between Russian and European businesses, which the RDIF 'actively supports in Russia,' according to Dmitriev. In a post on X on Tuesday, Dmitriev noted that Russia has 'a number of joint investments with the leading EU companies' and said that the fund has 'helped significantly' many European firms that continue to operate in the country. The new sanctions package also proposes a ban on the use of Nord Stream gas infrastructure, a reduction in the oil price cap, and a halt to imports of all refined products derived from Russian crude. The draft will now be debated by EU member states and must be approved unanimously to take effect. Previous rounds have faced pushback from countries such as Hungary and Slovakia, which argue the sanctions hurt the EU more than Russia. Slovak Prime Minister Robert Fico wrote on Facebook on Tuesday that Bratislava won't back the package unless the EU offers 'a real solution to the crisis' that his country would face from a halt in Russian energy supplies. Russia has rejected the Western sanctions as illegitimate and counterproductive. President Vladimir Putin has said the removal of sanctions is among the conditions for a settlement of the Ukraine conflict.
Hindustan Times
10-06-2025
- Business
- Hindustan Times
EU's new Russia sanctions to target the energy sector and banks
The European Commission on Tuesday proposed an 18th package of sanctions against Russia for its invasion of Ukraine, aimed at Moscow's energy revenues, its banks and its military industry. The new package proposes banning transactions with Russia's Nord Stream gas pipelines, as well as banks that engage in sanctions circumvention. "Russia's goal is not peace, it is to impose the rule of might ... strength is the only language that Russia will understand," Commission President Ursula von der Leyen told a press conference. The Commission proposes adding 22 more Russian banks to its list and broadening restrictions on them beyond a removal from SWIFT, a global financial messaging system, to a full transaction ban. It also proposes expanding the scope to banks from third countries, and lists the Russian Direct Investment Fund (RDIF), as well as its subsidiaries and wider network. Kirill Dmitriev, head of the RDIF, said von der Leyen's statements reflected "the EU's desire to prolong the conflict in Ukraine and its strong dissatisfaction with RDIF's efforts to restore relations between Russia and the United States". He said in a statement that the RDIF was also actively supporting European companies that have a presence in Russia. The Commission has also proposed lowering the Group of Seven nations (G7) price cap on Russian crude oil to $45 a barrel, from $60 a barrel, in a bid to cut Russia's energy revenues. Von der Leyen said that the oil price cap will be discussed at a G7 leaders meeting in Canada next week. "My assumption is that we do that together as the G7. We started that as G7, it was successful as a measure from the G7, and I want to continue this measure as G7," she said. The proposal also lists more vessels that make up Russia's shadow fleet, taking the total to more than 400 ships, and oil trading companies. The Commission has also proposed a ban on imports of refined products produced from Russian oil. 'In this way, we want to prevent that some of the Russian crude oil reaches the EU market through the back door,' von der Leyen said. EU countries will start debating the proposal this week.
